Industry Updates

AT a time when some Bitcoin mining farms are shutting down, one big-name industrial-scale miner is standing strong and increasing capacity.

Against the backdrop of the New York Stock Exchange Chairman’s announcement today that Crypto will survive and “Bitcoin is still the yardstick”, it was revealed that leading Crypto Miner Ormeus is doubling down on its mining capacity.

The company behind Ormeus Coin (ORME) has signed a new partnership agreement to create a formidable mining ‘pool’ operation in the US and China that will make it a leading global player in hash power.

“Some might see the recent bear market as an obstacle, we see it as an opportunity, and those miners who can stick in there will benefit later,” a spokesperson for Ormeus told the Crypto Times of London.

Ormeus has hit the headlines in the past for sourcing cheap renewable energy from a hydro dam near the Niagara Falls on the American/Canadian border to power its crypto mining operation.

Bitcoin’s fundamental design ensures that if there are mining rig shutdowns, the coin’s protocol enhances incentives for miners to remain online. The mining process adjusts dynamically with a delay of about 14 days, and the latest data from Blockchain.com shows that Bitcoin mining difficulty has already declined by 5 percent within the past 72 hours.

The global price of bitcoin has plunged more than 70 percent since January, dragging the rest of the cryptocurrency market down with it. Companies involved in mining or selling mining hardware have been hit hard with numerous reports of bankruptcy.

“The game is not over by a long way,” the Ormeus spokesperson continued. “The new deal we’ve just signed for example triples the company’s current mining capacity. We believe in the future of cryptocurrency and the vision of a trustless, blockchain-based economy, so we’re in this for the long haul”.

Ormeus will be joining forces with its new partner to form a mining conglomerate, or pool, that will create a leading global player. Unlike many other cryptocurrencies, the company never held an Initial Coin Offering (ICO). Instead, it relied upon its mining capacity for profits to invest into expansion.

Revenue from the mining farms is cryptographically tied to the Ormeus Reserve Vault (ORV) through proof of asset technology and self-executing Ethereum Blockchain smart contracts, (ERC20 compliant). The result is a coin that is currently withstanding the downturn in bear market territory.

Last week, the founder of the third-largest mining pool, F2Pool, estimated that around 600,000 bitcoin miners have shut down since mid-November. Mao Shixing said the estimate takes into account the total network hash rate drop and the average hash power of older mining machines that are having a hard time generating profits.

The current crypto market is comparable to the infamous dot-com bubble of 2000 that left the global economy shaken when it finally collapsed. Speculation experts are referencing that scenario as a model for the current state of cryptocurrency. However, as Ormeus and other companies hanging tough point out, the firms that weathered the dot-com bubble eventually became the household names we revere today: Amazon, Google, eBay, and many others.

Massena, N.Y., perched on the northernmost border of New York state, is the archetype of the company town that has lost its companies.

Downtown there’s a pillared town hall and a Main Street lined with stately old buildings, along with an empty union hall, a couple of banks and restaurants, and a bunch of vacant storefronts — echoes of the town’s more prosperous past.

Aluminum giant Alcoa drove the town’s growth in the 1900s, attracted by the plentiful electricity generated by a nearby hydropower dam on the St. Lawrence River. But Alcoa has downsized greatly over the last decade. General Motors and Reynolds Metal plants closed, too. Massena has hemorrhaged hundreds of jobs.

That’s why back in January, Massena’s Town Supervisor Steven O’Shaughnessy was over the moon when – rather suddenly – companies that do something called “Bitcoin mining” came knocking. “They need lots of power, and they need to be able to count on it,” O’Shaughnessy says. “And we can provide that.”

The firms promised millions of dollars in investment and hundreds of jobs.

Bitcoin…mining?

A quick primer on “Bitcoin mining”: Bitcoin is the best known of the digital or crypto-currencies – which operate completely independently of banks. Instead, they rely on powerful computers around the world to verify every transaction that uses a digital coin. People operating those computers earn new coins for doing that verification work. That’s called mining.

Hundreds of computers at Digital Skynet’s facility in Massena, N.Y., connect with millions of others around the world to process cryptocurrency transactions. That work consumes vast amounts of electricity.

So companies eager to get into the cryptocurrency game have been setting up huge warehouses full of computers all around the world to mine digital coins. Cool climates are best; the computers generate a lot of heat. But more than that, mining servers gobble up vast amounts of electricity.

According to the Digiconomist blog that follows cryptocurrencies, all the Bitcoin mining computers worldwide consume more power collectively than the entire nation of Czech Republic. And as more mining companies seek their digital fortunes, that energy consumption is only increasing.

That quest for cheap power – remember the hydropower plant on the St. Lawrence that fueled Alcoa? – is why a Hong Kong-based company called Digital Skynet Limited came to Massena and set up hundreds of computers in an old factory on the outskirts of town.

Inside a Bitcoin mine

Inside the converted factory, spokesperson Tina Barksdale, wearing a comfortable blue cardigan and slacks, points to five shelves stacked with humming, shoebox-sized computers.“Those are the miners, and as you can hear, they make a lot of noise,” she shouts above the din of large cooling fans.

Barksdale says Digital Skynet employs 20 people here now. But she imagines something much bigger – many more computers, and also the seeds of an innovation hub for the technology behind cryptocurrency, known as blockchain. She envisions a transformation for the town of Massena, “from being just Massena, N.Y, to being a cryptocurrency ‘Silicon Valley’, a place where people in cryptocurrency come,” she says.

Barksdale says there could be hundreds of new technology jobs – and the support services that go with them.

“But of course,” she cautions, “it all depends on the power.”

Tina Barksdale and her brother, Eli Barksdale, manage Digital Skynet’s cryptocurrency mining operation in Massena, N.Y. Right now, they employ about 20 people, but they envision a digital currency innovation hub in the town that would create hundreds of jobs.

A gold rush for digital coins

When the value of a traded Bitcoin soared to almost $20,000 late last year, a Bitcoin mining rush hit lots of places with cheap power, from Louisiana to Washington State.

But the job benefits were limited; it only takes so many employees to keep an eye on a bunch of computers. And in some places, the power-hungry miners started driving up electric rates for everybody else. Near Massena, the city of Plattsburgh, N.Y. put a moratorium on new mines because of rising electric bills.

So local leaders, like New York State Senator Joe Griffo, who represents Massena, began to ask, will cryptocurrency mining really create enough jobs to justify using all that electricity? And will those jobs last? “I would not dismiss [the industry] out of hand, but I think you need to look at things realistically,” Griffo says. “Where’s Bitcoin going to go over time?”

Digital currency values have been all over the place. Bitcoin itself has steadily dropped for most of this year. So the big question is: if the price keeps dropping, will the miners stick around?

Seeking a more energy-efficient technology

Lex Sokolin isn’t so sure. Sokolin calls himself a “financial futurist.” He studies digital currencies and the blockchain digital bookkeeping technology they rely on for Autonomous Research in London, and he believes cryptocurrency has a promising future. But he thinks it’s inevitable that developers will come up with a more energy-efficient way to mine them.

“It just seems preposterous to me because the amount of electricity that’s being used in it is growing and growing and growing,” Sokolin says. “I think the community will try to find a different way to do this.”

If that prediction is accurate, towns like Massena would lose their advantage.

Digital Skynet’s Tina Barksdale says that very uncertainty is why Massena should embrace Bitcoin mining now – to establish its position in the fast-moving digital currency economy.

Ormeus Coin today became the stable ‘gold-standard’ currency for the crypto economy with the launch of its unique cash reserve.

The stablecoin is backed by 40% of profits from ongoing production at a multi-million-dollar cryptocurrency mining operation in North America and China, which are now indelibly linked to the Ormeus Reserve Vault, (ORV).

An unalterable smart contract system automates the distribution of regular deposits from the green energy powered mining business.

And as the exclusive link to the Ormeus vault reveals, USD$7.34 Million is already secured across 25 designated multi-signature wallets.

In order to provide ultimate transparency, the company is allowing Ormeus users to view mining deposits and operational data in real-time available at the site.

The mining operations in upstate New York, the American Mid-West, and China feature an Artificial Intelligence engine designed to select the most profitable crypto coins to mine at any given moment.

Every few milliseconds, the Ormeus engine demands a lookup request and finds the most profitable coin to dedicate processing power.

With the new vault system, users can review an overall Ormeus mining performance table, or evaluate the individual results of how specific coins such as Bitcoin, Bitcoin Cash, Dash, Litecoin are being rewarded.

“This is exactly what the cryptocurrency industry needs – a money system and store of value anchored to intrinsically valuable assets, the profits of which are transparent for all to see,” a company spokesperson said.

He added: “We now guarantee robust liquidity and price stability for Ormeus Coin which is linked to our gold standard style reserve vault”.

Ormeus Coin is built as an ERC-20 Compliant token on the Ethereum Blockchain, and the smart contracts are programmed to self-execute when conditions written in their source code are met. Once programmed, the terms of the contract cannot be changed thus making the contract immutable.

The Reserve Vault is being upgraded to act as a Decentralized Autonomous Organization, (DAO), whereby Ormeus will hard-code certain rules that the company will adhere to and cannot be changed once deployed to the Ethereum Blockchain, i.e., setting aside 40% of mining earnings for the Ormeus vault.

Ormeus recently announced a ground-breaking ‘loyalty airdrop’ which offers participants a chance to secure Ormeus Cash tokens when they stake Ormeus Coin in the official company wallet.

Ormeus Coin, the digital currency backed by a USD$250 Million crypto mining business, has just announced the release date for its unique wallet platform.

The highly-rated cryptocurrency will unveil the new Blockchain-based wallet at a global launch event at the Impact Arena Exhibit & Convention Center, Bangkok, Thailand from April 16th – 18th.

The ultra-secure decentralized application initially has native support for Bitcoin, Ethereum, Ormeus Coin and the new currency, Ormeus Cash.

Following positive feedback from private beta sessions and a full security analysis from leading crypto firm AmbiSafe, the wallet will be downloadable by users following a live demonstration at the Bangkok conference.

One impressive feature allows users to stake Ormeus Coin directly in the wallet to earn a monthly loyalty bonus in Ormeus Cash.

The company has a deep pipeline of additional elements that will accompany the new crypto wallet, including a tab that allows users to see deposits being made into the Ormeus Reserve Vault from the multi-million-dollar industrial mining business.

There will be a wallet client available across all platforms; IOS, Android and a web-based client that can be accessed on any device with web connectivity.

The wallet is secured using specific algorithm backed by a complex security platform which makes it almost impossible for anyone to hack it.

According to the company, the application runs locally on users’ devices and does not store any keys or account data on company servers.

“The private key data never touches company servers,” a spokesperson for Ormeus Coin said. “Users will remain in complete control over their wallet and keys.”

The modular architecture enables safe transactions, and the wallet’s interface is simple, user-friendly with straightforward action-buttons, quick access to common features and commands.

“All the tools and options can be located easily to ensure a smooth user experience,” the spokesperson said.

Ormeus Coin is built as an ERC-20 Compliant token on the Ethereum Blockchain, and the smart contracts are programmed to self-execute when conditions written in their source code are met, such as deposits into the Reserve Vault.

The company currently has significant North American mining data centers in the Midwest and Upstate New York making almost USD$7 Million per month.

Ormeus Coin is built as an ERC-20 Compliant token on the Ethereum Blockchain, and the smart contracts are programmed to self-execute when conditions written in their source code are met, such as deposits into the Reserve Vault.

The company currently has significant North American mining data centers in the Midwest and Upstate New York making almost USD$7 Million per month.

Asset Backed: Smart Contract Secured Cash Reserve Goes Live In Beta

Ormeus Coin today announced the Beta launch of an unalterable smart contract system for verifying regular deposits from its industrial cryptocurrency mining business.

The highly-rated virtual currency is secured by a reserve vault that is anchored to the company’s USD$250 Million North American crypto mining operations.

In order to provide ultimate transparency, Ormeus users will be able to see the mining revenue deposits and operational data in real time through algorithms in the underlying smart contract system.

The company currently has significant North American data centers in the Midwest and upstate New York making almost USD$7 Million per month.

It was also recently revealed that the company has diversified its business by investing in Mobile Miners capable of producing around 50 Bitcoins per month, or USD$450,000 per month at current prices.

Commenting on upgrades with the Ormeus Reserve Vault, a spokesperson confirmed: “The Reserve Vault is now live in private beta and the data will be available for all users to see as a tab in the Ormeus Coin wallet which launches in April”.

The spokesperson added: “We guarantee that 40% of the profits from mining operations shall be deposited on a daily basis and retained in the designated multi-signature wallet. This will be visible to the public via smart contract programming from the mining rigs to the currency reserve”.

Ormeus Coin is built as an ERC-20 Compliant token on the Ethereum Blockchain and the smart contracts are programmed to self-execute when conditions written in their source code are met. Once programmed, the terms of the contract cannot be changed thus making the contract immutable.

Ormeus Coin is outsmarting other virtual currencies by having real-world assets securing the digital coin and limiting human involvement.

The Reserve Vault is being upgraded to act as a Decentralized Autonomous Organization, (DAO), whereby Ormeus will hard-code certain rules that the company will adhere to and cannot be changed once deployed to the Ethereum Blockchain, i.e., setting aside a certain percentage of vault earnings.

“Most cryptocurrencies are unbacked and highly volatile,” the spokesperson said. “Ormeus Coin however has developed a sustainable, stable and efficient Blockchain-based cryptocurrency that is backed by identifiable and real assets”.

Major announcements relating to the new Ormeus Coin wallet and Reserve Vault are expected to be made at an Ormeus event in Bangkok, Thailand from April 16th.

Ormeus has joined forces with local authorities and the Moses-Saunders Power Dam – a colossal hydro project that stretches over the St. Lawrence River Valley for more than 30 miles.

The dam has 32 turbine-generators divided equally by the international border with 1,045 megawatts operated on the Canadian side and 912 megawatts being run from Massena, upstate New York.

The extensive USD$250 Million Ormeus Coin mining farms in the Midwest and New York take advantage of a variety of technologies, including artificial intelligence and custom-built algorithms which help the data centers run at maximum efficiency – thereby increasing profits to almost USD$7 Million per month.

However, it is cheap energy from the hydro dam that gives Ormeus the ultimate mining edge with some of the lowest electricity rates in North America and extremely low or free energy distribution costs.

“The dam offers low-cost power under a statutorily authorized program called Preservation Power, which protects and promotes jobs in the upstate New York area of Massena,” a spokesperson for Ormeus Coin said.

“The legislation allows proceeds from sales of certain hydropower blocks to be used for economic development in the St. Lawrence County area.

“Ormeus Coin is currently adding jobs to the area as promised with one of our new mining facilities close by,” said Ormeus Coin’s spokesperson.

Cryptocurrency miners are following the Ormeus Coin lead and moving their facilities to the St. Lawrence County area of upstate New York, which is now being described as the ‘Silicon Valley of Crypto Mining.’

Ormeus executed a lease for a 15,000 square-foot mining center in the northern New York area last August and the operation is already making gains as Bitcoin stabilizes around the USD$10,000 mark.

Ormeus Coin is expected to release its new cryptocurrency wallet shortly, and further announcements regarding the coin being added to large crypto exchanges are imminent.

Virtual currency Ormeus Coin has opened a new state-of-the-art industrial crypto mining facility in St. Lawrence County, upstate New York.

The purpose-built North Country operation is part of a wider USD$250 Million cryptocurrency mining business which secures new digital money system Ormeus Coin, (Orme).

A recent independent legal and financial audit published by a leading attorney at law revealed Ormeus Coin is currently making $5.4 million per month from mining, which will increase to $6.7 million in the next two months.

Once renewable hydro energy is increased for the New York plant, Ormeus expects that over 40 people will be employed at the local mining unit.

The company executed a lease for the 15,000 square-foot mining center last August and the operation is already making gains as Bitcoin, Litecoin, Dash and other currencies increase in value.

Speaking to a CBS News Television affiliate at a local press launch for the new mining facility, a spokesperson for Ormeus Coin said that the Massena area of St. Lawrence County can become the Silicon Valley of industrial crypto mining.

“Right now, Massena has the capacity to be the Silicon Valley for cryptocurrency mining,” the spokesperson said.

She added that this is just the start for Ormeus Coin in the area: “At this facility, we are seeking the local authority to further upgrade the megawatts so we can hire and train 40+ employees, in preparation for our next site, which we are in the process of securing, also in the Massena district”.

Ormeus Coin is also leading the way in the use of new technologies utilizing a custom-built Artificial Intelligence (AI) engine to optimize mining activity. The AI engine works by selecting the most valuable cryptocurrencies to mine thereby removing any human bias.

The other Ormeus Coin industrial cryptocurrency mining farms are located in the Mid-West of the United States.

Revenue from the mining farms is currently being linked to the Ormeus Reserve Vault (ORV) through proof of asset technology and self-executing Ethereum Blockchain smart contracts, (ERC20 compliant).

It has been confirmed that Ormeus Coin and has already commenced its cryptocurrency mining operation through private investment and is not seeking public money through an Initial Coin Offering.

A newly published legal and financial audit of virtual currency Ormeus Coin has revealed one of the largest industrial crypto mining operations in the world.

Ormeus Coin (asset symbol ORME) is a ground-breaking digital money system secured and cryptographically linked to a publicly identifiable currency vault funded by a $250 Million industrial-scale mining business in North America.

The audit conducted by a leading law firm reveals purchase receipts and revenue streams from the mining operation which is already making USD$6.7 Million per month.

The independently commissioned white paper on the new virtual currency entitled, ‘Ormeus Coin: The Tokenization of Industrial Cryptocurrency Mining’ is published today, (February 9th).

The paper, available at ormeuscoin.com, describes how the new currency is tied to the mining farm and the Ormeus Reserve Vault (ORV) through proof of asset technology and self-executing Ethereum Blockchain smart contracts, (ERC20 compliant).

Ormeus Coin has commenced its cryptocurrency mining operation through private investment and is not seeking public money through an Initial Coin Offering, while the reserve vault is currently being enhanced to act as a DAO – Decentralized Autonomous Organization.

By using a proprietary Artificial Intelligence engine, the Ormeus Coin mining hardware can be allocated instantly to mine a variety of mainstream crypto coins such as Bitcoin, Litecoin and Dash.

Cryptocurrency Mining is the process of confirming transactions on a Blockchain for the likes of Bitcoin and generating new units of digital currency in return for a financial reward.

Bitcoin miners alone are making around USD$600 Million per month in mining, plus additional transaction fees which can total USD$22 Millionper day, (i.e., December 22nd 2017).

Due to considerable renewable energy capacity and a cost-efficient rate for mining and data center operations, Ormeus Coin will be propelled into the top ten crypto mining operations in the world.

Hundreds of computers run night and day. Each one is basically a little supercomputer. They work on solving the complex equations that cough up cryptocurrencies like Bitcoin.

It’s happening right now in a warehouse in the Massena Industrial Park.

“Right now, Massena has the capacity to be the Silicon Valley for cryptocurrency,” said Tina Barksdale, Skynet Digital spokesperson.

More than a dozen people work at Skynet Digital. Basically it’s all about monitoring the stacks of computers. Any problem occurs, it has to be fixed. Cooling is also a huge job. The cold climate helps. The mining is being done for Ormeus Coin.

“I think what most people in the local community should understand is that this is the way the future of money going,” said Tina Barksdale.

Skynet Digital is not the only cryptocurrency miner in Massena. Coinmint has leased the former Alcoa East smelter. Blockchain Industries wants to buy town land to build on. Local officials are cautious.

“It’s a learning curve and we are learning, but we are finding out about it. And we want to make sure it’s here to stay. And we certainly hope it will,” said Steven O’Shaughnessy, Massena town supervisor.

The profitability of cryptocurrency miners depends on the cost of electricity. Some have asked the New York Power Authority for discounts.

“It’s basically a gold rush. The gold that is here is the hydro-dam. It’s the power and the cheap electricity that’s here,” said Tina Barksdale.

Skynet Digital is small but wants to grow bigger. Elijah Barksdale is managing it. He, six brothers, and his sister are all working for the company. They were raised in Richville.

“We’re from upstate New York and we understand the job disparities of this area and we wanted to be able to bring something back to the community,” said Tina Barksdale.

Skynet Digital is training a people for that something bigger. It mines cryptocurrencies for Ormeus Coin, which is making a play to become one of the world’s top 10 cryptocurrency miners.

“Every few milliseconds, the engine demands a lookup request and finds the most profitable coin to dedicate processing power to,” the independently commissioned paper adds.

The Ormeus algorithm aims to remove human bias from the mining equation and even searches for negative mainstream news and high-profile comments affecting certain coins.

Audited financial statements from the Ormeus Coin mining facilities report that the company is currently making USD$5.4 Million per month from mining, a figure which will increase to USD$6.7Million with the next hardware order.

Ormeus guarantees that 40% of the profits from mining operations will be deposited on a daily basis and retained in a designated multi-signature digital wallet.

This secure digital wallet will be used to store the digital currencies being mined, (Ormeus Reserve Vault), and will be visible to the public via smart contract programming from the mining rigs to the currency reserve.

The company will liquidate a further 40% from mining operations to re-invest into acquiring additional mining machines and energy.

Home and retail miners reached a profitability limit in 2017; now scalable professional-grade infrastructure is essential to support Blockchain ecosystems.

Industrial digital rigs verify transactions and harvest new crypto coins like Bitcoin, Litecoin or Dash by being the first to solve a complex mathematical puzzle called ‘hashing’. This steady addition of new coins is analogous to gold miners expending resources to add gold to circulation.